Selling your home is a voyage and one that you should be guided through armed with the right information. Whether you have sold properties before or are thinking of selling for the first time, this guide will help you sell in the quickest time, with the least amount of hassle at your ideal asking price.
The first step - Acquire an accurate valuation report.
Should you be planning on moving house, obtaining an accurate and reliable property valuation is essential in the process of the sale.
Even if you are not selling straight away, a property valuation is the best tool to help determine the current market value of your property and what small improvements could be made should you want to potentially increase the value and saleability of your home without over- capitalizing. A property valuation will give you an estimate of how much your house should be worth, based on several different factors.
Factors that influence a property's value
Neighbourhood comparison - an indicator of your property value is the average house price of similar homes in the same area that have sold recently. Whether it is a home appraisal or a comparative market analysis done by an agent, most real estate experts will rely on these comparisons to estimate your property value.
Location - when appraisers determine how much value to assign to a property based on its location, they look at three main indicators. These factors might explain why some neighbourhoods command steep prices, while others away do not. It is necessary to say that when it comes to calculating the value of a property the location can be more important than the size and condition of the house. The factors considered are:
1) Local Schools 2) Employment opportunities
3) Proximity to shopping, entertainment, and recreational centres.
Property size and usable space - usable space matters when it comes to value. Spaces such as garages, attics, and unfinished basements are not counted as useable space. The most highly valued areas are the bedrooms and bathrooms; however, trends are locally specific when.
Age and condition - newer homes appraise at a higher value because critical parts of the house, like plumbing, electrical, roof, and appliances are newer and less likely to break.
Upgrades and updates - Updates and upgrades can add value to your home, especially in older homes that may have outdated features. The impact thereof varies based on the market you are in and your existing house value.
Certain projects like adding a pool or wood floors tend to have bigger increases for more expensive homes, while projects like a kitchen remodel or adding a full bathroom tend to have a bigger increase to the average price for less expensive homes.
The local market - Even if your home is in pristine condition, in the most sought-after location with top-of-the-range upgrades, the number of other properties sold in your area and the number of buyers in the market can impact the value of your property. Should there be many buyers competing for fewer homes it is a seller's market. When there are few buyers but many homes it is a buyers’ market.
Economic indicators - The broader economy often impacts a person's ability to buy or sell a property. In lower economic conditions, the housing market becomes depressed.
Interest rates - As interest rates increase, fewer people can afford homes, and this can impact how much you can sell your home for.
Second Step - Select an estate agent
Estate agents are a vital part of ensuring a smooth, hassle-free sale with professional advice across the board. Your estate agent should:
can support you with the latest technology.
Provide speed and efficiency with the sale of your property.
The added benefit of an estate agent when you decide to sell your house is the fact that they will supply a valuation for free. They are specialist with local market knowledge and services to help you.
Third Step - Instruct a solicitor
Solicitors are members of the legal profession qualified to deal with conveyancing. A successful sale requires the transfer of the legal title of property from one person to another or the granting of an encumbrance such as a mortgage.
Your estate agent can take on the responsibility of appointing a solicitor for conveyancing.
Fourth Step - Present your property.
Creating a good first impression is critical to a sale. Presentation of the property and space must be addressed with some DIY. Consider a fresh coat of paint and declutter rooms to make them appear larger.
Fifth Step - Find a buyer
Suitable prospective buyers are found with exposure to your property sale across a wide range of media. Estate agents specialize in the field and have a database consisting of individuals interested in property investment.
Sixth Step - Viewing
Your estate agent will arrange accompanied viewings at your property. They will help bring out the gold in your property and find a fair deal for both yourself and the buyer.
Seventh Step - Receive offers
Eighth Step - Accept the offer
Ninth Step - Sold!
Completion is when the residual monies are transferred from the buyer's solicitor to your solicitor's account.